The Great Reshuffle
The Big Quit
The Great Opportunityis a positive shift – for all.
To dial down turnover and improve retention in this brave and unfamiliar labor market, you must understand the calculus your employees use to evaluate whether their job is “worth it” and be ready to reimagine your approach when needed.
There are several key reasons employees report leaving an employer. But rather than challenge areas, each of these aspects present opportunities to improve employee retention for the long-term. Leaders that can redefine each of these areas within their organization and put people at the center of the equation will emerge from this transformation positioned for excellence in this new world of work.
Which came first: inflation or the 6% rise in wages experienced in the U.S.?
Either way, keeping the doors open over the last few years has meant significant increases in pay. Yet, higher salaries alone won’t stop the tide of turnovers and keep your employees for the long haul. Ensure you have the right strategy for your people in place by reviewing the 2023 Compensation Toolkit.
The majority of workers who quit a job in 2021 ranked low pay and no opportunities for advancement equally in their reasons for leaving.
- Pew Research Center
The very idea of what constitutes an employee benefit is more malleable than ever before – are remote work and flexible hours optional benefits, or simply the new normal?
The uber-competitive employee retention landscape of the Great Resignation requires employers to stay ahead of the curve and offer customized, compassionate, and data-driven suites of benefits that address the most pressing pain points of their employees.
– Lexington Law
The desire to evolve and better ourselves is baked into our DNA.
With most of our waking hours spent at work, it’s essential for employers to encourage this basic need to grow. However, not all training is created equally and advancement for the sake of advancement rarely ends well. Proactively investing in opportunities for employees to learn and develop new skills, including empathy, results in higher engagement, greater purpose and connection among teams and leads to higher rates of employee retention.
– Harvard Business Review
Irresistible workplace culture starts at the top, but it doesn’t end there.
A toxic workplace is one of, if not the biggest, reason employees leave. Yet creating a culture of caring, diversity, inclusion and belonging means infusing these values into every corner of the organization, with no stone left unturned.
Going forward, the most competitive workplaces will care for staff not just as employees, but as people. Leaders who take a holistic view of their employees, find out what makes them tick, and create a sincere culture of caring will be well-positioned to retain talent in the long run and reduce employee turnover for the long-term.
Create a Fierce Culture of Caring… At All Levels
– Society of Human Resource Management
When Wall Street starts adopting flexible working arrangements, you can bet it’s no longer a trend reserved for startups.
But unlike the fluffy perks of the 2000s, it’s less about being flashy and more about achieving one specific end – meeting people where they are. Work-life integration is here to stay, and offering things like childcare assistance, flexible work hours and mental healthcare options give organizations an edge over those who don’t.
Work-Life Balance is Non-negotiable